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Securities Sold Under Agreements to Repurchase
12 Months Ended
Dec. 31, 2019
Securities Sold under Agreements to Repurchase [Abstract]  
Securities sold under agreements to repurchase
Securities Sold Under Agreements to Repurchase
Securities Sold Under Agreements to Repurchase - Term
The Company had previously entered into wholesale repurchase agreements with certain brokers. At December 31, 2017, the Company held $25.0 million in wholesale repurchase agreements with an interest rate of 1.88%. These agreements were settled on the repurchase date of March 19, 2018.
Securities Sold Under Agreements to Repurchase - Sweep
Sweep repurchase agreements are generally short-term agreements. These agreements are treated as financing transactions and the obligations to repurchase securities sold are reflected as a liability in the Consolidated Financial Statements. The dollar amount of securities underlying the agreements remains in the applicable asset account of the Consolidated Financial Statements. These agreements had a balance of $64.4 million and a weighted average interest rate of 1.24% at December 31, 2019. All of these repurchase agreements in existence at December 31, 2019 mature on a daily basis. Securities available for sale with a carrying amount of $76.0 million at December 31, 2019 were pledged as collateral for the sweep repurchase agreement borrowings.